An all-equity company (which has no debt) has a stock market value of $540 mil- lion. Its tangible assets comprise land, buildings, and machines. The land is worth $100 mil- lion. The buildings are worth $120 million. The replacement value of the machines is $300 million. What is Tobin's q? Why might q differ from unity? The intangible assets of the com- pany include the value of its reputation. Does the fact that these assets might have value imply that the company should expand?